S&P 500 scales fresh record

Wall Street closed at another record following a surprisingly strong report on economic growth over the summer. The S&P 500 rose 0.5 per cent on Tuesday, beating the all-time high it reached earlier this month. More gains for big tech stocks drove the index higher, even as most stocks in the index fell.

The Dow Jones Industrial Average added 0.2 per cent, and the Nasdaq composite rose 0.6 per cent. Novo Nordisk jumped after U.S. regulators approved a pill version of the blockbuster weight-loss drug Wegovy, the first daily oral medication to treat obesity.

Treasury yields rose in the bond market. Stocks are edging closer to records Tuesday following updates that showed the economy grew sharply during the third quarter, but inflation remains high, and consumers are losing confidence.